朱伟人 ZHU WEIREN

朱伟人 ZHU WEIREN

朱伟人是橡子园基金（Acorn Campus Ventures）的合伙人和苏马基金（Suma Ventures）的董事长，CLUSA 创办人及总裁。朱先生于上世纪 70 年代中期在旧金山的咨询公司开始职业生涯，随后在 1978 年创立了环球半导体公司，1983 年至 1999 年间，在中国大陆、台湾以及美国成功运营了许多房地产项目和大型商业中心。朱先生是橡子园基金 (Acorn Campus Ventures) 的合伙人和苏马基金 (Suma Ventures) 的董事长，投资的高科技公司包括：新浪、大展公司、Gigamon、旭创、Luxnet、雅格罗技、Optovus、优瑞科 Therapeutics、中美冠科、中美奧达等。朱先生是美国领导论坛的董事会成员之一和民主党顾问，是富有影响力的亚杰商会 (AAMA) 创始主席，他创办了 Vision American，并设立思源计划，致力于学生领导力的培养，与清华大学等学校合作在中国开展项目逾十年。他有着大爱的情怀，对新一代创新型全球化领导人才充满愿景，他每年投入大量精力财力，用于教育和培养下一代年轻亚裔领袖。

Sandy Chau is a partner of Acorn Campus Ventures and Chairman of Suma Ventures, as well as the founder and president of CLUSA. Mr. Chau started his career at a consulting firm in San Francisco in the mid-1970s. He then founded Universal Semiconductor Corporation in 1978. Between 1983 and 1999, he successfully operated numerous real estate projects and large commercial centers across Chinese mainland, Taiwan region and the United States. As a partner of Acorn Campus Ventures and Chairman of Suma Ventures, Mr. Chau has invested in high-tech companies including Sina, Achievo, Gigamon, InnoLight, Luxnet, Agate Logic, Optovus, Eureka Therapeutics, Crown Bioscience and Autekbio, among others. He serves on the board of the American Leadership Forum and acts as a Democratic advisor. He is the founding chair of the influential Asia America MultiTechnology Association (AAMA). He founded Vision American and launched the Siyuan Program to nurture student leadership. He has run programs in China in partnership with Tsinghua University and other universities for more than a decade. Driven by profound compassion and a vision for a new generation of innovative global leaders, he devotes substantial time and resources each year to educating and cultivating young Asian American leaders.

下文转自 “长城战略咨询” ，首发于 2010-06-04 作者：王德禄 朱伟人：来自硅谷的投资人

The following article is reposted from Great Wall Strategy Consultants, first published on June 4, 2010 Author: Wang Delu Sandy Chau: An Investor from Silicon Valley

来自硅谷的风险投资人，在中关村企业的崛起过程中扮演了极为重要的角色。值得注意的是，这些风险投资虽然来自于硅谷，但投资人当中却有许多的华人身影，朱伟人就是其中的一位，经历也极具代表性。近年来朱伟人在中关村生物制药领域的投资，不仅使这位五岁就离开中国大陆的老华人再次在国内扎根，也见证了硅谷高技术领域早期华人创业者在尖端科技领域新的开拓。几十年在世界各地的经验和积累，使他得以用更大的气魄和战略来布局产业。

Venture capital investors from Silicon Valley have played an extremely important role in the rise of enterprises in Zhongguancun. It is worth noting that although this venture capital originates from Silicon Valley, many of its investors are ethnic Chinese. Sandy Chau is one of them, with a highly representative life story. In recent years, Chau’s investments in biopharmaceuticals in Zhongguancun have not only brought this veteran Chinese immigrant, who left mainland China at age five, back to establish roots in his homeland, but also witnessed new frontiers being explored by early Chinese entrepreneurs in Silicon Valley’s high-tech sector. Decades of experience and accumulation across the globe have equipped him to deploy industries with greater vision and strategy.

一、往返于美国与中国创业 朱伟人 1948 年出生于上海，五岁时就随家人到香港，那时的香港仍是英属殖民地；少年时期的他，是在战乱中的越南度过的，1967 年才赴美开始求学的旅程。1975 年的他，镌刻着越南难民的标记，乘载着难民船，漂泊到美国国土。那一年他不到卅岁。1977 年，他在硅谷创办 Universal 半导体公司。当时硅谷的华人创业还很少，风险投资和创业热潮在硅谷也是刚刚起步，但是朱伟人的公司不仅获得了 “硅谷技术狂人” 臧大化在客户、技术上的全力支持，也得到了最早的华人创业者李心培、李信麟等人的无私协助，并最终获得了 south wind 等硅谷风险投资的注入。当初他的创业伙伴告诉他要做出一个可以和英特尔竞争的晶片公司，朱伟人慢慢发现这实在太困难了，“科技进步太快，我心想应该要去做些别的。” 朱伟人回忆道。值得一提的是，虽然这次创业经历并不长，但其相关的创业和吸引风险投资的经验引起了正在筹建工研院和新竹科技园的李国鼎的强烈兴趣，这后来为新竹提供了组织风险投资和鼓励创业的宝贵经验。

I. Venturing Back and Forth Between the United States and China

Sandy Chau was born in Shanghai in 1948. At the age of five, he moved with his family to Hong Kong, then a British colony. He spent his teenage years in war-torn Vietnam and did not travel to the United States to pursue his studies until 1967. In 1975, as a Vietnamese refugee, he arrived on American soil aboard a refugee boat. He was not yet thirty years old. In 1977, he founded Universal Semiconductor in Silicon Valley. At that time, few Chinese entrepreneurs operated businesses in Silicon Valley, and the venture capital and startup boom was just beginning. Chau’s company received full customer and technical support from Ta-Hua Tsang, known as “Silicon Valley’s tech maverick”, as well as selfless assistance from pioneering Chinese entrepreneurs including Shin-Pei Lee and David Lee. Eventually, the firm secured funding from Silicon Valley venture capital firms including South Wind. His original co-founders told him they aimed to build a chip company capable of competing with Intel. Gradually, Chau realized how daunting that goal was. “Technology advanced too rapidly. I thought I needed to pursue something different,” Chau recalled. Notably, even though this entrepreneurial chapter was relatively short, his experience building a startup and attracting venture capital greatly interested Kwoh-Ting Li, who was establishing the Industrial Technology Research Institute and Hsinchu Science Park. This later supplied valuable lessons for Hsinchu on organizing venture capital and encouraging entrepreneurship.

也就是在这一过程中，朱伟人认真思考转行。不久他就从高科技领域转行做房地产，这是他以走向全球为目标的又一次创业。虽然 1984、1985 年左右台湾房地产价格陷入低潮，但是朱伟人先后投资国泰建设、太平洋建设，并协助创立太平洋崇光百货这家目前两岸数一数二的百货公司，可谓逆市而上。在台湾地产市场上大获成功后，朱伟人又回到了美国，先后在拉斯维加斯、洛杉矶、休斯敦、圣迭戈以及亚历桑纳州多个主要城市进行投资。朱伟人采取了类似于 PE 的投资模式：与当地房地产商合作，收购即将破产的开发商公司，追加注资并改造项目，常常在一年之内就有数倍的回报。九十年代中期，他率先投资中国大陆，与深圳的中信物业公司等中国房地产公司合作开发了一批收益颇丰的项目。

It was during this period that Sandy Chau seriously considered a career shift. Soon afterwards, he moved from high technology into real estate, another entrepreneurial endeavor with global expansion as his goal. Around 1984 and 1985, Taiwan’s real estate market slumped, yet Chau invested in Cathay Construction and Pacific Construction, and helped establish Pacific Sogo Department Store, now one of the leading department store chains across the Chinese mainland and Taiwan region. He succeeded against the market downturn. After his great success in Taiwan’s property sector, Chau returned to the United States and invested in major cities including Las Vegas, Los Angeles, Houston, San Diego and multiple cities in Arizona. He adopted a private-equity-style investment model: partnering with local real estate developers to acquire nearly bankrupt development firms, injecting additional capital and renovating projects, often achieving multi-fold returns within a single year. In the mid-1990s, he became an early investor in mainland China, partnering with Chinese real estate firms such as CITIC Property Management in Shenzhen to develop a portfolio of highly profitable projects.

二、成功转型为投资人 房地产给朱伟人带来了一个又一个的成功，与此同时，他开始思索下一步的转型。他先是把手中的地产交给了哥哥和弟弟，继而加入了硅谷 “橡子园”，与其他几个硅谷传奇人物陈五福、臧大化等人一起合作，可以说又回到了高科技领域，只不过这次他的身份不再是创业者，而是成为风险投资人。1999 年，朱伟人进入了互联网领域，经历了泡沫时的大起大落，直到网络疯狂的日子过去，他的网路公司也逐渐地盈利了。

II. Successful Transition to an Investor

Real estate brought Sandy Chau one success after another. Meanwhile, he began to plan his next career transformation. He first handed over his real estate holdings to his elder and younger brothers, then joined Silicon Valley’s Acorn Campus to collaborate with legendary Silicon Valley figures such as Wu-Fu Chen and Ta-Hua Tsang. In a sense, he returned to high technology, yet this time not as an entrepreneur but as a venture capitalist. In 1999, Chau entered the internet sector and weathered the dramatic ups and downs of the dotcom bubble. Once the internet frenzy faded, his internet company gradually turned profitable.

之后，思路活跃的朱伟人将眼光再次放到了中国大陆，除了同上海市政府一起创办橡子园孵化器外，还投资了从事软件外包的大展（Achievo），并邀请硅谷的华人创业传奇人物李本能担纲 CEO。公司经历了从几人起家，到全球三千人的规模的快速扩张过程，但也经过了高层经营理念冲突带来的阵痛，目前开始渐至佳境。朱伟人所投资的公司还包括：Gigamon 、InnoLight、Luxnet、Agate、Rasillient、CipherMax、Teltel，and Aviva 等，横跨通讯、软件、互联网等高技术领域，公司也分布于硅谷、台湾和中国大陆。

Afterwards, the forward-thinking Sandy Chau turned his sights once more to mainland China. In addition to co-founding the Acorn Campus incubator with the Shanghai Municipal Government, he invested in Achievo, a software outsourcing firm, and invited Silicon Valley Chinese startup legend Ben Li to serve as CEO. The company expanded rapidly from a handful of staff to 3,000 employees worldwide. It also endured growing pains caused by conflicts in management philosophies among senior executives, yet it is now moving toward steady prosperity. Other companies backed by Chau include Gigamon, InnoLight, Luxnet, Agate, Resilient, CipherMax, Teltel and Aviva. These portfolio companies span high-tech sectors such as communications, software and internet, with operations based in Silicon Valley, Taiwan region and mainland China.

三、布局新产业成为产业组织者 朱先生的成功来自于他对创业和投资经历的思考。朱伟人始终在思考产业发展大方向是什么，也在试图引领者高技术产业的发展。现在的朱伟人，看到高技术产业的崛起离不开科技上的突破。他认定大陆高技术产业的下一个突破点应该是生物制药领域，也在这个领域进行了深入的预研。

III. Building New Industries as an Industrial Organizer

Mr. Chau’s success stems from his reflections on his entrepreneurial and investment journey. He has constantly pondered the overarching direction of industrial development and sought to guide the advancement of high-tech industries. Today, Chau recognizes that the rise of high-tech industries hinges on scientific and technological breakthroughs. He believes biopharmaceuticals will be the next breakthrough sector for mainland China’s high-tech industry and has conducted in-depth preliminary research in this field.

事实上，19 世纪时欧美主要使用的是草药，20 世纪的主要进展是化学药的广泛应用。化学药是小分子，作用于全身各处，穿过细胞表面到达各个细胞内部，是大规模杀伤性武器，因此往往有很大的副作用。相比之下生物药是 “灵巧炸弹”，每年 FDA 审核通过的药品中生物药所占的比例逐年上升，生物药的兴起已经成为生物科学技术突破的基础上出现的必然趋势。但是，生物制药复杂度高，周期长，风险高的特点，对于一般的风投和创业者来说可能都承担不起。另一方面这也产生了能够大大分散生物制药行业风险，降低成本的服务外包需求。

In fact, herbal medicines were widely used in Europe and America in the 19th century. The major advance of the 20th century was the broad adoption of small-molecule chemical drugs. Chemical drugs are small molecules that act throughout the body, crossing cell membranes to enter individual cells. Comparable to weapons of mass destruction, they often carry severe side effects. In contrast, biologic drugs function like “smart bombs”. The proportion of biologics among drugs approved annually by the FDA has risen year after year. The rise of biologic medicines represents an inevitable trend built upon breakthroughs in bioscience and biotechnology. Nevertheless, biopharmaceutical development features high complexity, long cycles and high risks, which may be unaffordable for ordinary venture capital firms and entrepreneurs. This has also created demand for outsourced services that can substantially diversify risks and cut costs across the biopharma sector.

选定了行业之后，就要选定驰骋的赛场。朱伟人认识到，1980 到 1990 年是台湾发展半导体 IC、计算机的年代，一大批早期台湾留学生在太平洋两岸跨区域创业，将硅谷的产业链带到了台湾，促进了台湾高科技产业发展；九０年至两千年，印度软件崛起，是因为充分利用有惊无险的千年虫获得的机遇，将印度的软件服务和外包扩展到了全世界。朱伟人预测这次的主角将是正在大力布局新兴产业的大陆。

Once the industry is chosen, the playing field must be selected. Sandy Chau observed that the 1980s and 1990s marked Taiwan’s era of developing semiconductor ICs and computers. A large cohort of early Taiwanese overseas students launched cross-border ventures across the Pacific, bringing Silicon Valley’s industrial supply chains to Taiwan and fueling the growth of its high-tech industry. Between the 1990s and 2000, India’s software industry rose to prominence, leveraging the near-disaster of the Y2K bug to expand Indian software services and outsourcing globally. Chau predicts that mainland China, now vigorously developing emerging industries, will take center stage this time.

在 21 世纪的第一个十年里，美国医疗保健产业大肆兴起，与此同时，中国留学生尤其是科学保健医学领域的留学生愈来愈多，在全美生技业群聚的地区，如波士顿、圣迭戈、旧金山湾区等等，从事生物医药相关产业人才约有一半以上是华人，“中国大陆人才有强烈的成功欲望。” 基于这样的人才优势和成本优势，他相信，中国大陆只要利用好这些优势，未来十年大陆在生物医药产业的优势将愈加明显，中国医学保健产业将占据鳌头。

During the first decade of the 21st century, the U.S. healthcare industry boomed. Meanwhile, the number of Chinese international students, especially those in science, healthcare and medicine, kept growing. In major U.S. biotech hubs such as Boston, San Diego and the San Francisco Bay Area, more than half of professionals engaged in biotech-related industries are ethnic Chinese. “Talents from mainland China possess a strong drive to succeed.” Based on these talent and cost advantages, he believes that if mainland China leverages these strengths well, its competitive edge in biopharmaceuticals will become increasingly prominent over the next decade, and China’s healthcare industry will take a leading global position.

现在的朱伟人将主要精力放到了中国高技术产业的龙头 —— 中关村。他创办了 Hambrecht Suma 风险投资公司，投资了从事合同加工外包（CMO）的中美奥达（Autekbio）、从事研发外包（CRO）的中美冠科（Crown Bioscience）、做抗体新药研制的 Eureka Therapeutics, Inc. 以及 C-Tag、Waterstone 等一系列生物制药领域特点鲜明的创新公司。可以看出，朱伟人在生物制药领域的投资特点是瞄准产业发展的趋势，结合生物制药的产业规律，围绕生物制药的产业链各个环节打造一支 “特混舰队”。

Today, Sandy Chau devotes his main energy to Zhongguancun, the flagship of China’s high-tech industries. He founded Hambrecht Suma Venture Capital and invested in a portfolio of distinctive biotech innovators: Autekbio, a contract manufacturing organization (CMO); Crown Bioscience, a contract research organization (CRO); Eureka Therapeutics, Inc., which develops novel antibody drugs; alongside C-Tag and Waterstone. It is clear that Chau’s biopharma investment strategy targets industrial trends, follows the rules of the biotech sector, and builds a “task force” covering every link in the biopharmaceutical value chain.

这也正是朱伟人从硅谷带回来的投资模式。硅谷的风险投资非常注重投资企业之间的互补和联系，甚至会有意识的引导创业者在需要的领域内进行创业，从而与投资组合中的其他企业形成各种类型的优势互补或产业链的衔接。而随着投资对象公司的成长，行业的变化，风险资本会推动这些企业进行进一步横向或纵向的整合，以应对新的发展和趋势。朱伟人在生物制药领域内的投资也颇有这种纵横捭阖的特点，他通过对几家生物制药企业进行了投资，全力瞄准全球市场，打造生物制药外包平台，让人不由得赞叹其眼光和气魄。

This is exactly the investment model Sandy Chau brought back from Silicon Valley. Silicon Valley venture capital attaches great importance to complementarity and connections among portfolio companies. Investors even intentionally guide entrepreneurs to launch businesses in needed sectors to form mutually beneficial synergies or supply-chain links with other portfolio firms. As investee companies grow and industries evolve, venture capital pushes these firms toward further horizontal or vertical integration to adapt to new developments and trends. Chau’s biopharma investments reflect this flexible, strategic approach. By investing in multiple biotech enterprises, he fully targets the global market and builds a biopharma outsourcing platform, which speaks volumes about his vision and boldness.

在朱伟人看来，投资是一门艺术，讲究微妙的平衡。例如房地产投资的关键是 “走”，不要眷恋已有的成就，及时发现新的领域，及时的全身而退；因为高科技行业领域里的千变万化，创业投资领域更要注重 “变”，在投资稀释的过程中找到微妙的平衡。

In Sandy Chau’s view, investing is an art requiring delicate balance. For example, the key to real estate investing is “moving on”: do not cling to past successes, identify new sectors promptly and exit in a timely manner. Given the rapid and constant shifts in high technology, venture capital must embrace “change” and strike a subtle balance amid equity dilution.

四、一直不变的社会责任感 虽然朱伟人经常挂在嘴边的是什么都是可变的，只有 “变” 本身是不变的。但对于朱伟人来说，确实有一样东西是不变的，就是朱伟人强烈的社会责任感。

IV. Unwavering Sense of Social Responsibility

Sandy Chau often says everything can change, and only change itself is constant. Yet for him, one thing remains unchanged: his strong sense of social responsibility.

在美国时，朱伟人积极投身于社会活动，特别是为华人争取权利，是最早同中国大陆打交道的美国亚杰商会（AAMA）的创办人，并且担任美西玉山科技协会的前任会长。而随着朱伟人在中国大陆的扎根，他和橡子园的其他几位合伙人还积极参与 “欣欣教育基金会” 的创办和运营。朱伟人担任会长，其成立的背景是几位住在旧金山湾区的华人想为家乡贫困学生的教育做些贡献，除了捐赠一己的积蓄，也向社会募集资金。目前在中国大陆贫困地区，“欣欣” 已投资建设三百所学校。朱伟人视其为 “社会创业精神”。此外，朱伟人自己也同清华企业家协会合作，支持清华大学设立 “思源” 奖学金。该项目不仅支持清华大学的优秀学生，还设立 “导师” 制度，通过安排清华企业家协会的创业者和清华学生一对一的辅导帮助，更加有效地为清华学子提供人生方面的指导和帮助，其 “薪火相传” 的效应已经远远超越了金钱本身。

While in the United States, Sandy Chau was actively engaged in community work, especially advocating for the rights of ethnic Chinese. He founded the Asia America MultiTechnology Association (AAMA), one of the earliest U.S. Chinese organizations to engage with mainland China, and previously served as president of the Western U.S. Monte Jade Science and Technology Association. As Chau established roots in mainland China, he and other Acorn Campus partners actively participated in founding and operating the Shin Shin Educational Foundation. Chau served as its president. The foundation was launched by several Chinese residents of the San Francisco Bay Area hoping to support education for underprivileged students in their hometowns. They donated personal savings and raised funds from the public. To date, Shin Shin has funded the construction of 300 schools in poor regions across mainland China. Chau calls this “social entrepreneurship”. In addition, he collaborated with the Tsinghua Entrepreneur and Executive Club to support the Siyuan Scholarship at Tsinghua University. The program not only funds outstanding Tsinghua students but also runs a mentorship system, pairing entrepreneurs from the Tsinghua Entrepreneur and Executive Club with Tsinghua students for one-on-one coaching and life guidance. Its intergenerational impact extends far beyond monetary support.

上海 —— 香港 —— 越南 —— 美国 —— 台湾 —— 北京，集成电路 —— 房地产 —— 软件外包 —— 生物制药，这一串串的名词串起了朱伟人的轨迹，也见证了朱伟人不断开拓的人生。一切仿佛都又回到了原点，但此时却早已区别于彼时。我们相信，在不久的将来，随着生物制药产业在中关村的茁壮成长，朱伟人将收获他的又一个辉煌！

Shanghai — Hong Kong — Vietnam — the United States — Taiwan region — Beijing; integrated circuits — real estate — software outsourcing — biopharmaceuticals. These names trace Sandy Chau’s journey and bear witness to his lifelong spirit of exploration. It may seem as though he has come full circle, yet everything is profoundly different now. We believe that in the near future, as the biopharmaceutical industry flourishes in Zhongguancun, Sandy Chau will achieve another great milestone!